Retail Space on Highway
For Sale
Contact for pricing
1516 N Lynn Riggs Blvd, Claremore, OK 74017
Remodeled retail space in prime Claremore location.
Property Size7,200 SF
Price / SF$201.39
Days on Market1557
Property Features for 1516 N Lynn Riggs Blvd
General Information
Standard status
Active
Size
7,200 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Building Details
Year Built
1980
Year Renovated
2017
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Walman Commercial Real Estate Services
Listed By:
Justin Brown · License #OK 160445
(918) 481-8888
Source:
Crexi
Added: Jun 9, 2022
Changed: Aug 31
Last Checked: Sep 12 at 5:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Walman Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This retail property is located on Highway 66 in Claremore. The property was fully remodeled in 2017, including new HVAC units, electrical panels, and LED lighting. The building has a national credit tenant occupying 60% of the 7,200 square feet. The average household income within a 5-mile radius exceeds $74,000.
Key Highlights
- New 5‑year lease in place.
- National credit tenant occupies 60% of the building.
- Located on HWY 66 in the prime retail corridor of Claremore.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$101,055
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,021,100
$2.0M
Cap Rate 7%
$1,443,643
$1.4M
Cap Rate 9%
$1,122,833
$1.1M
Market Conditions
NOI Build-Up for 7,200 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$152.9K $21.24/SF
− Vacancy
−$8.6K −$1.19/SF
EGI
$144.4K $20.05/SF
− OpEx
−$43.3K −$6.02/SF
NOI
$101.1K $14.04/SF
Area
Rogers County, OK
Vacancy
5.60%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,021,100
Cap Rate 7%
$1,443,643
Cap Rate 9%
$1,122,833
Alternative Uses
Best Use
Retail
$1.44M
$1.26M – $1.68M
NOI $101,055 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.80M
$1.58M – $2.10M
NOI $126,230 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
637
Businesses Nearby
102k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Dining 33%
Home Improvements & Furnishings 9%
Apparel 7%
Braum's Ice Cream & Dairy Stores
Dining
29,219 visits/mo
0.3 miles
Kum & Go
Shops & Services
28,221 visits/mo
0.1 miles
Dollar General
Shops & Services
9,220 visits/mo
0.3 miles
Westlake Ace Hardware
Home Improvements & Furnishings
8,884 visits/mo
0.3 miles
Goodwill
Apparel
7,104 visits/mo
0.1 miles
Demographics for 74017, OK
29,083
Population
12,038
Households
2.4
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
140.5 sq mi
ZIP Area
207
Density / Sq Mi
$65,519
Median Household Income
$38,165
Median Earnings
$1,015
Median Rent
$184,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Remodeled retail space in prime Claremore location.
Where is this retail space located?
The property is located at 1516 N Lynn Riggs Blvd Claremore, OK.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: New 5‑year lease in place.; National credit tenant occupies 60% of the building.; Located on HWY 66 in the prime retail corridor of Claremore.
